We go over the Best Algo Trading Platforms in this guide. Algorithmic Trading Platforms are Electronic Trading System that allow Auto Trading.
We explain the basics of Algorithmic Trading and list the top-rated Algorithmic Trading Platforms to Automate your Portfolio.
Table of Contents
List of the Top Algorithmic Trading Platforms 2023
Here is the Public Finance International list of the best Algorithmic Trading Software based on our research:
- eToro Copy Trading – Best Algorithmic Trading Platform overall
- Interactive Brokers – Best API
- Bitcoin Era – Popular Algorithmic Trading Platform for Beginners
- Oil Profit – Best Algorithmic Trading Software for commodities
- Bitcoin Prime – A good Algorithmic platform for crypto and CFDs
- Teslacoin – Algorithmic Trading platform for Cryptocurrencies
- NFT Profit – Algorithmic Trading Platform for NFT derivatives
- Bitcode AI – Algo Trading Software for Cryptocurrencies
- The Uncharted – Best NFT High-Frequency Algorithmic Trading Platform
Overview of Algorithmic Trading Software
To better understand which Algorithmic Trading Platform will be right for your needs, you can see how each measures up against the others in the table below. Here, we have awarded each Algo Trading Platform a rating based on its overall experience and usefulness for a trader looking for specific services.
| Rank | Algo Trading Platform | Info | PFI Score | Accepts Clients | Minimum | Best For |
|---|---|---|---|---|---|---|
| 1 | eToro | Best Algorithmic Platform Overall | 4.9 | Globally | $200 | Copy Trading |
| 2 | Interactive Brokers | Robust API | 4.9 | Globally | $0 | Best For Tech-Savvy Traders |
| 3 | Bitcoin Era | Best algorithmic trading platform for beginners | 4.5 | Globally | $0 | Best platform for beginners in general |
| 4 | Oil Profit | Best Algo Platform for commodities | 4.4 | Globally | $250 | Commodities |
| 5 | Bitcoin Prime | A good platform for crypto and CFDs | 4.2 | Globally | $250 | Crypto and CFD’s |
| 6 | TeslaCoin | Algorithmic Trading Platform for Cryptocurrencies | 2.2 | Globally except UK | $0 | Cryptocurrencies |
| 7 | NFT Profit | Best platform for NFT derivatives | 2.5 | Selected Countries | $250 | NFT derivatives |
| 8 | Bitcode AI | Best for beginners specializing in crypto | 2.3 | Globally | $250 | Best for beginners in crypto |
| 9 | Uncharted | Algo High Frequency Trading | 3.4 | Globally | $60 | NFT’s and high frequency trading |
What is algorithmic trading?
Algorithmic trading is a process of executing buy and sell orders using pre-programmed instructions through automated systems. Algorithmic trading uses instructions programmed based on time, volume, and price. Computer algorithms send orders to the markets in full or in fractions over a selected period.
The Algorithmic Trading Software will buy, sell, or hold automatically. Algorithmic Trading Platforms will automate orders using pre-programmed instructions based on different variables.
These Algo Trading Systems use these pre-programmed rules to open and close positions, choose trading instruments, manage risk, and adjust position size.
Top Algorithmic Trading Platforms in Detail
We'll discuss each Algorithmic Platform in more detail to help you decide which is the best pick.
PFI Rating: 4.9/5
1. eToro
Launched in 2007 eToro currently serves over 25 million customers across the globe. What makes eToro such as great platform is the broad range of assets you get access to.
Whether you want to trade cryptocurrency, stocks, funds, commodities, indices, or forex, you can do it through eToro. If you are only interested in cryptocurrencies, eToro gives you access to 60+ digital currencies. This is one of the best multi-asset algorithmic trading solutions.
77% of retail investor accounts lose money when trading CFDs with this provider.
eToro is one of our top picks because it is a vetted and highly reliable Algorithmic Trading Platform. It is regulated by multiple financial authorities, including CySEC, SEC, FCA, and ASIC.
eToro is available worldwide except in some restricted regions.
Another feature that makes eToro an extremely flexible and capable service is its broad market access. The eToro Mobile App is easy to use but lacks some advanced tools for experienced traders.
eToro is a safe and reliable algorithmic trading platform. They use advanced cybersecurity protocols and certified systems.
Whether you are an advanced user or a new trader, eToro is an excellent platform to get started with. The minimum deposit for copy trading is $200, and the minimum trade size of $1 for each copied position. There are no additional fees for copy trading.
| Trading Platform | eToro |
|---|---|
| Founded | 2007 |
| Regulation | FCA, CySEC, ASIC, FSAS |
| Offering Of Investments | Stocks, ETFs, Forex, Crypto, Indices, Commodities |
| Minimum Deposit | $50 – $100 |
| Demo Account | Yes |
| Withdrawal Fee | $5 |
| Inactivity Fee | $10/month |
| Deposit Methods | PayPal, Skrill, Neteller, Credit Card, Debit Card, Rapid Transfer, iDEAL, Klarna / Sofort Banking, Bank Transfer, Online Banking – Trustly, POLi |
| Pros | Cons |
|---|---|
| Wide Market Access | No Advanced Trading Tools |
| Copy Trading | |
| Well Regulated |
PFI Rating: 4.9/5
2. Interactive Brokers
Interactive Brokers is a multi-asset online trading platform founded in 1978. Top-tier authorities regulate IBKR, making it a safe and reliable choice.
Interactive Brokers offers an API for customized algorithmic trading. What makes them stand out is the unparalleled flexibility and access to high-speed order routing through FIX CTCI.
Their API is best for tech-savvy traders programming algorithms in Python or C++. IB operates in a fast binary format compared to slower JSON formats. However, Interactive Brokers only updates the market data four times per second, making it hard to obtain a full snapshot of trades/quotes. We found it best to use IQFeed for market data and IBKR for executing trades.
For algo trading, it is best to use the PRO account, as the commissions are lower with lower slippage.
On the PRO account Interactive Brokers doesn't have payment for order flow like many other brokers, which is excellent to avoid slippage.
We recommend it for advanced traders as they offer a robust trading infrastructure.
| Trading Platform | Interactive Brokers |
|---|---|
| Founded | 1978 |
| Regulation | SEC, CFTC, FCA, NFA, MAS, CBI, IIROC, ASIC, CSSF |
| Offering Of Investments | Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, Hedge Funds |
| Minimum Deposit | $0 |
| Demo Account | Yes |
| Withdrawal Fee | 1 Free Withdrawal per Month |
| Inactivity Fee | No |
| Deposit Methods | Bank Wire, Credit Cards, ACH, Mail a check, Rollover, Online Bill Pay, Trustee-to-Trustee, SEP Contribution |
| Pros | Cons |
|---|---|
| Regulated by top-tier authorities | Could be overwhelming for beginners |
| Wide Market Access | |
| Education and Research |
PFI Rating: 4.5/5
3. Bitcoin Era
If you are looking for a dedicated cryptocurrency algo platform, Bitcoin Era is a great choice. It has been around since 2008 and gives traders access to more than 12 currencies, including Bitcoin and Ethereum. However, this is a platform better suited to advanced traders due to all the functionality it provides.
The interface comes loaded with some basic settings, but if you want to get the most out of it, you will want to know how to tweak these settings according to your trading strategies.
The only challenge with Bitcoin Era is actually getting access to the platform. This algorithmic trading software offers membership on the basis of a lottery, so you have to win your place in it. If you don't get in the first time, you can always try again. It's not uncommon for people to have to wait a bit to gain access finally.
Furthermore, the Bitcoin Era website claims that it has one of the most advanced algorithmic trading software systems. More importantly, AI has a very intricate process for generating accurate data that helps create detailed trading strategies. The system uses historical data along with several indicators for financial markets to analyze when to buy, how long to hold, and when to sell to get the maximum returns.
Suppose you want to use your trading strategies. In that case, you can always set up your crypto strategy and have the algorithmic trading system trade according to your specifications rather than the preset.
While they do require a $250 deposit, there are no trading fees. You will only be charged a 2% commission on profitable trades.
To keep the digital footprint small and security tight, the developers have made this grid trading bot available only through their website. Even on phones, you will need to access the leading portal to trade.
| Pros | Cons |
|---|---|
| Claims To Be a Highly accurate bot (99.4% accuracy) | Access can be difficult to get |
| Lots of earning potential when combined with leverage | High minimum deposit |
| No fees | No mobile app |
| Free demo account |
PFI Rating: 4.5/5
4. Oil Profit
The majority of algorithmic trading software are dedicated to cryptocurrencies, and there are very few that deal with commodities. Oil profit is one of the very few, if not the only, solution that allows users to trade oil. The oil market is very volatile – even regular brokers don't grant access to oil as a commodity.
Algorithmic trading through Oil Profit is unique since the algorithm needs to be updated with oil-related news and prices to develop a profitable trading strategy. This is an excellent option for people who want automated oil trading strategies; however, it is not recommended for beginners. The oil market is one of the most volatile in the world, and it can be quite challenging to understand for a new trader.
Oil Profit requires a minimum deposit of $250 and does not charge any fees for trades. However, it will charge a 2% commission on profitable trades.
| Pros | Cons |
|---|---|
| No withdrawal fee | No information about the founders |
| Quick withdrawal processing | |
| Strong security | |
| Demo trading features |
PFI Rating: 4.2/5
5. Bitcoin Prime
Bitcoin Prime specializes in cryptocurrencies and caters to more than 14 individual digital currencies and more than 75 CFD pairs. The main benefit is the simple user interface and the basic trading systems. This app is perfect for beginners and especially new traders who are also new to crypto, as it makes it a lot easier to understand both blockchain technology and automated trading software.
Currently, Bitcoin Prime is only available as a browser-based service, so if you want to trade through your phone, this is not the best solution to go for. The app has global coverage and offers free demo accounts. You can sign up from anywhere in the world and get a taste of what it's like to trade currencies automatically through algorithmic trading platforms.
Bitcoin Prime is an inexpensive option in terms of fees. It does require a $250 initial deposit, but it also allows up to 10 free withdrawals each month. There are no minimum trading fees, and only profitable accounts have to pay a 2% commission.
| Pros | Cons |
|---|---|
| Multiple cryptocurrency support | No mobile app |
| Only profitable accounts pay commission | $250 initial deposit |
| Provides demo account |
PFI Rating: 2.2/5
6. TeslaCoin
Teslacoin has been around since 2015 and has its own token TeslaCoin (TES Coin). Unlike other algorithmic trading systems that either use a fiat currency or a cryptocurrency for transaction costs and trading expenses, Teslacoin uses its own token to manage all payments.
This platform focuses on cryptocurrencies. You can access Ethereum, Dogecoin, Ripple Cardano, and Bitcoin through it.
Teslacoin has no relationship with Tesla the electric car manufacturer.
Teslacoin does not disclose exactly which brokers it deals with and through which exchanges it operates. While this doesn't impact the kind of profit you can make through the platform, it does make it a little risky. This also means that Teslacoin is unavailable in some regions, such as the UK, where crypto trading platforms must disclose the brokers and exchanges they use.
Teslacoin mainly trades cryptocurrencies through CFDs which makes this a great platform for trading crypto but not quite as good or reliable for people who want to invest long-term.
This platform is better suited to intermediate and advanced users as they can tweak the inputs and presets of the algorithm to better suit their needs. However, beginners can get started on this platform using the standard settings.
Teslacoin has a minimum deposit of $250 later used for all the transactions and trades you make on the platform. Teslacoin does not charge any fees for the trades you make.
| Pros | Cons |
|---|---|
| Supports multiple currencies | Not suitable for beginners |
| Offers lots of flexibility | |
| No charges |
PFI Rating: 2.2/5
7. NFT Profit
NFT profit started off in 2014. It is a smart trade bot specializing in NFT derivatives, CFDs, and cryptocurrency. Professional traders looking to trade crypto can choose between Tether, Bitcoin, Ripple, Ethereum, and Litecoin. NFT profit claims to have one of the most advanced bots.
The NFT profit system combines machine learning with artificial intelligence algorithms that can access global market data. These tools watch trends and help users make maximum profits through automated trading systems.
NFT Profit is available in nearly a dozen countries but isn't available in some major regions such as the US and the UK.
This trading platform is quite flexible in terms of accessibility. You can access the browser-based platform for a full range of features and execute trades through the mobile app (available for Android and iOS).
You can test out the trading algorithms without investing real money through the demo account that is completely free to use. Once you are sure you want to invest in NFT Profit, you can deposit money into your trading account through a credit card, debit card, or a bank transfer.
NFT doesn't charge fees on trades, but it does charge a small commission on withdrawals.
| Pros | Cons |
|---|---|
| No Fees | Limited asset trading capability |
| Specialized in crypto and NFT derivatives | Limited global access |
| Accessible from multiple platforms | |
| Free demo account |
PFI Rating: 2.2/5
8. Bitcode AI
Bitcode AI is a new platform that debuted in 2022, but it is quickly earning a reputation of being a quality algorithmic trading program. It specializes in crypto-trading and features a few not-so-common services, such as margin trading and perpetual futures pairs.
This is a great algorithmic trading platform for beginners as it is easy to understand, and all the necessary settings are preset. It also gives traders access to more than 20 cryptocurrencies which is always helpful for new traders looking for something that resonates with them.
There is no app for Bitcode AI so you will have to use the browser-based platform. It is available worldwide so you can access it from anywhere in the world.
It has a relatively high minimum deposit ($250). Still, it also offers a very high leverage ratio (5000:1). If you work with limited capital, this leverage will undoubtedly help get significantly larger returns. However, it is a double-edged sword and increases your chance of losing by the same margin.
| Pros | Cons |
|---|---|
| Minimum deposit of $250 | No mobile app |
| Supports multiple cryptocurrencies | No verified success rate |
| AI-powered | |
| Beginner friendly | |
| Free for download and use |
PFI Rating: 2.4/5
9. Uncharted
Unlike the developers and owners behind many trading algorithms, the team behind The Uncharted fully doxed themselves when they launched the service in 2022. Them being so open about their true identities was one of the reasons it was such a hit when it launched. The Uncharted is also a sister company of XETA Capital, another highly successful online trading brand.
The Uncharted provides a very different money-making experience than other automated trading systems. Rather than short-term trading, through The Uncharted, you are essentially investing in a three-year-long enterprise.
Moreover, The Uncharted has a tiny maximum capacity of just 6000 people. You will need to move quickly if you want to get on board.
Here the minimum buy-in is roughly $60. The developers have set this as 0.2 ETH, with the ETH being valued at $295 per coin.
The Uncharted promises a minimum return of 20% per month, no matter how large or small your investment is. However, since you can't withdraw funds for the three years you invest, your capital will keep compounding.
In theory, this will supercharge the potential earnings. They claim that Investors will get some money during the three years as the company will send out “small percentages” every quarter.
My Take: I would not recommend Uncharted. It has no verifiable results, and the promised returns are high.
| Pros | Cons |
|---|---|
| Compounding | Limited space available |
| Potentially big payout at the end of 3 year | Long-term investment |
| No reliable data on previous performance |
Conclusion
The best algorithmic trading platform, in our opinion, is eToro. eToro offers a wide range of markets, combined with copy trading, which makes it a great choice. They are regulated by top-tier regulators worldwide. Our second choice is Naga, which is also regulated. To try other platforms on this list, research them in detail and only invest minimum amounts.
